A sample of 5 months of sales data provided the following information: Month 1 2 3 4 5 Units Sold 96 110 86 96 92 Develop a point estimate of the population mean number of units sold per month (to 1 decimal). Develop a point estimate of the population standard deviation (to 2 decimals).
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
A sample of 5 months of sales data provided the following information:
| Month | 1 | 2 | 3 | 4 | 5 |
| Units Sold | 96 | 110 | 86 | 96 | 92 |
- Develop a point estimate of the population mean number of units sold per month (to 1 decimal).
- Develop a point estimate of the population standard deviation (to 2 decimals).
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